THE REPARATIONS

New Zealand Times, Volume XLIX, Issue 11302, 30 August 1922, Page 6

THE REPARATIONS

MORATORIUM QUESTION CONTROL OF GERMANY’S FINANCES. REPORT CONTRADICTED. By Telegraph—Press Assn. —Copyright. Australian and N.Z. Cable Association LONDON, August 28. The Paris correspondent of the “Daily Chronicle” says that Sir John Bradbury has authorised him to contradict the report that Germany is willing to hand over complete financial control to American financiers acting on behalf of the Allies. Sir John Bradbury states that, in return for a long moratorium, Germany might accept financial control by a commission of the world’s best financiers, but the time for this has not arrived. The correspondent adds : ‘ ‘Belgium will probably submit to the Reparations Commission the scheme suggested by the newspaper ‘Le Temps.’ The British Commissioner has not changed his views, and is still in favour of a moratorium, for which a majority may still be found.” “Le Temps,” disclaiming official inspiration, suggested that Germany, instead of paying the Reparations Commission the j£50,000.000 in gold duo on August 15th, should pay the Bank of England and other Allies’ banks £150,000,000 due in August, September, and October, and, if necessary, the £50,000,000 due in November, all of which could be credited to Germany at the conference when settling tho reparations question. PARIS CONFERENCE GERMANY TO ATTEND. PARIS, August 28. Germany has accepted the Reparations Commission’s invitation to attend the Conference at Paris. Herr Bergmann, Herr Hermes, Minister for Finace, and Herr Stinnes, the great industrialist, will represent Germany. It is understood that- the' German Government has agreed, in return for the moratorium, to allow complete control of the finances by a Commission acting in the name of the Allies, providing this body is composed of representatives of parties outside the present discps6ion, preferably American financiers. In this connection it is interesting to note that messages from Berlin state that the political parties in Germany received with satisfaction the proposition by Governor Cox, made in London, that Mr Herbert Hoover should be nominated as arbitrator in regard to the amount of German reparations.

(Received August 29, 5.5 p.nf^ BERLIN, August 28. _ The Reparations Commission’s invitation to hear the Germifn delegation had a good effect, notably on the Stock Exchange. The sterling exchange opened at 8000 and closed at 6400. The trade returns reflect the effects of the exchange fluctuations. The imports for July exceeded the exports to the extent of ten thousand million marks, which is double the previous highest adverse balance. TO AVOID PAYMENT THREATEN WORLD’S INDUSTRIAL MACHINERY. SYDNEY, August 29. The “Sydney Morning Herald,” in a leader on the depreciation of the German mark, says that the question of the mark is completely bound np with the subject of German -reparations. Whatever may be the intentions or the willingness of the German people in the mass to pay, there is no doubt that the great industrial leaders have made up their minds that, in order to get out of paying the indemnity, they will threaten the whole industrial machinery, not only of their own empire but of the world, with ruin, in the hope that the Allied leaders will recoil from such a vision. The mark is where it is to-day because the leaders of industry and commerce decided not to recognise it as their currency. The leader concludes: “Not until an effective mortgage is taken over Germany’s future wealth will there be any prospect of adequate reparation being secured. The German leaders believe the world is too war-weary to take steps to obtain the mortgage.” NO COAL FROM BRITAIN GERMAN OVERTIME SCHEME. LONDON, August 26. The collapse of the mark has brought to a standstill the import of English coal to Germany. It is hoped to reach an agreement under which the men will work in the German mines six hours’ overtime weekly in return for increased pay to make good the shortage. iH SPITE OF ALL FAIRS STILL HELD. LONDON, August 28. The Berlin correspondent of the “Daily Telegraph” states that at the Leipzig autumn fair, the exhibitions are more numerous than at tho spring fair They total 13,000, while 100,000 visitors are expected.